MANAGERIAL ACCOUNTING ACCESS CARD
17th Edition
ISBN: 9781266165276
Author: Garrison
Publisher: MCG
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Chapter P, Problem 9E
To determine
Ethics: Ethics is the principle of conduct governing an individual. The ethical values of the individual guide the person in conducting activities. The person takes decision following own ethical standards. How the person reacts in particular situation depends upon the own core principle of that person. The way of dealing with a particular situation considering personal values relates with the ethics of that person.
To Identify: The way of giving response to professor about the teaching ability.
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Provide correct answer the financial accounting question
Income statements for Vernon Company for Year 3 and Year 4 follow:
VERNON COMPANY
Income Statements
Year 4
Year 3
Sales
$201,100
$181,100
Cost of goods sold
143,000
121,000
Selling expenses
21,200
19,200
Administrative expenses
12,100
14,100
Interest expense
3,500
5,500
Total expenses
179,800
159,800
Income before taxes
21,300
21,300
Income taxes expense
Net income
6,300
3,300
$ 15,000
$ 18,000
Required
a. Perform a horizontal analysis, showing the percentage change in each Income statement component between Year 3 and Year 4.
b. Perform a vertical analysis, showing each Income statement component as a percentage of sales for each year.
Complete this question by entering your answers in the tabs below.
Required A Required B
Perform a vertical analysis, showing each income statement component as a percentage of sales for each year.
Note: Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e., 0.234 should be
entered as 23.4).
Sales
VERNON COMPANY…
Chapter P Solutions
MANAGERIAL ACCOUNTING ACCESS CARD
Ch. P - Prob. 1QCh. P - Pick any major television network and describe...Ch. P - If you had to decide whether to continue making a...Ch. P - Why do companies prepare budgets?Ch. P - Why is managerial accounting relevant to business...Ch. P - Why is managerial accounting relevant to...Ch. P - Pick any large company and describe its strategy...Ch. P - Why do management accountants need to understand...Ch. P - Prob. 9QCh. P - Prob. 10Q
Ch. P - Prob. 11QCh. P - Locate the website of any company that publishes a...Ch. P - Why do companies that implement Lean Production...Ch. P - Why are leadership skillsimportant to managers?Ch. P - Prob. 15QCh. P - Prob. 16QCh. P - Prob. 17QCh. P - What internal controls would you implement to help...Ch. P - Why do companies take a physical count of their...Ch. P - Why do companies use sequential prenumbering for...Ch. P - Prob. 1ECh. P - Assume that you work for an airline unloading...Ch. P - Prob. 3ECh. P - EXERCISE P-4 Ethics and the Manager Richmond,...Ch. P - Prob. 5ECh. P - Prob. 6ECh. P - Prob. 7ECh. P - Prob. 8ECh. P - Prob. 9ECh. P - Prob. 10ECh. P - Prob. 11ECh. P - EXERCISE P-12 Cognitive Bias and Decision Making...Ch. P - Prob. 13E
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- 41 A company issues a $1,000 par value bond at 100. The bonds have one warrant attached to buy one share of common stock for $30 within the next five years. At the time, the stock is trading at $60, and the warrant can be traded separately from the bond. The bond alone trades at 99 without the warrant. Once issued, the market price for the warrant is $31. How much of the bond sale proceeds is allocated to the warrant if the proportional method is used? $29.13 $30.07 $29.41 $30.36arrow_forward35 A company had 100,000 shares of stock outstanding and repurchased 20,000 of those shares as treasury stock. What is a valid reason for this action? To increase dividends to improve market perception To increase shares available for stock compensation To increase shareholders' equity To increase assets to avoid a takeoverarrow_forward14 A company reported total assets of $300,000 as of December 31, 2018, and $500,000 as of December 31, 2019. Net sales revenue was $200,000 for the year ending December 31, 2019. Net income was $20,000 for the year ending December 31, 2019. What was the company's return on assets for the year ending December 31, 2019? 0000 4% 5% ○ 10% 50%arrow_forward
- 29 A company's income statement reveals the following amounts related to the company's operations for the most recent year: .Net sales revenue: $5,000,000 • Interest expense: $60,000 Income tax expense: $80,000 ⚫ Net income: $400,000 What was the company's times-interest-earned ratio for the year? 4.33 6.75 7.67 9.00arrow_forward20 A bank will only continue a credit line for one of its small business customers if the small business can keep an acid-test greater than 1. The company's reported current accounts are as follows: ⚫ Cash: $6,000 • Accounts receivable (net): $19,000 • Inventory: $8,000 • Short-term investment: $4,500 ⚫ Current liabilities: $17,000 Which decision should the bank make? Close the credit line because the acid-test ratio is 0.45. Close the credit line because the acid-test ratio is 0.58. Maintain the credit line because the acid-test ratio is 2.21. Maintain the credit line because the acid-test ratio is 1.74.arrow_forward00 16.67% 25.00% 400.00% 600.00% 13 A company reported net sales revenue of $6,000,000 for the year ending December 31, 2018, and $8,000,000 for the year ending December 31, 2019. Net income was $1,000,000 for the year ending December 31, 2018, and $2,000,000 for the year ending December 31, 2019. What was the company's profit margin on sales for the year ending December 31, 2019?arrow_forward
- 25 A municipality issues bonds to fund a new school capital improvement project. The municipality wants to manage its cash flow and therefore needs the bonds to mature over a period of many years. Which type of bonds should be issued? Coupon Term Serial Unsecured 0000arrow_forward12 A company reported the following financial information: As of December 31, 2018 total assets of $10,000,000 net sales revenue of $6,000,000 .Net income of $1,000,000 As of December 31, 2019 total assets of $14,000,000 net sales revenue of $8,000,000 .net income of $2,000,000 What was the company's return on assets for the year ending December 31, 2019? O 8.33% O 14.29% O 16.67% O 66.67%arrow_forward46 Which two circumstances lead to an impairment? Choose 2 answers. A significant change in legal factors that decreases an asset's value A future net cash flow that is significantly greater than anticipated The presence of significantly fewer competitors than anticipated A significant excess of cost expectations for constructing an asset A significant increase in the expected market value of an asset A significant reduction in the expected cost of acquiring an assetarrow_forward
- 28 A company's most recent balance sheet depicts the following amounts: Current assets: $400,000 Long-term assets: $500,000 Current liabilities: $100,000 Long-term liabilities: $200,000 Stockholders' equity: $600,000 What is the company's debt-to-assets ratio, rounded to the nearest percent? 25% 33% 40% 50%arrow_forward32 A company is preparing financial statements immediately after the holders of convertible preferred stock convert their shares to common stock. There has been no change to the company's redeemable preferred stock. What is the effect of the conversion? An increase in liabilities on the balance sheet A decrease in earnings per share A gain if the dollar amounts of preferred stock and additional paid-in capital in excess of par exceed the number of common shares times the par value of the common stock A loss if the dollar amounts of preferred stock and additional paid-in capital in excess of par are less than the number of common shares times the par value of the common stockarrow_forward39 A company issues a convertible bond with a face value of $1,000 for $1,100. What information should be included in the journal entry for issuance? Debit Premium on Bonds Payable for $100 Credit Discount on Bonds Payable for $100 Debit Discount on Bonds Payable for $100 O Credit Premium on Bonds Payable for $100arrow_forward
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